Who gets the "Props" for training..?
- Thread starter Gr8Veto
- Start date
I used to be a prop trader using the firms capital. You learn some good insider tips like using "bullets" so you can sell short on a downtick. Also live futures pit feed which tell you the trades before they are inputed into the computer.. an advantage of 1 second. But you put up your capital and it's leveraged so you multiply your losses as well. It's not for everyone, but if you have no start up $$$ and your good, you can make enough at a prop firm to open your own account like I did.
There are some pessimistic and dim views of prop firms and the traders that trade there expressed in here. While I'm sure there are many cases where prop firms are comprised of traders that do not have other options and the training at many firms is illusory at best, this is certainly not the case at each firm.
The firm I am a member of (not employed by mind you) provided me with a great introductory training program and paired me with a trader "coach" that is a million dollar a year trader. Within 5 steps of my desk I can and have had deep conversations about trading perspectives, strategies, and psychology with about 10 other traders that are million-a-year or more guys (not to mention about 20 other guys that are making 300k or more per year). Although, I've been in the business for only 12 months now, I have become profitable and I have hit the $10k+/month threshold already...although not every month quite yet but soon I'll be doubling and tripling that. I do realize that I am still a neophyte myself, and I have much more to learn from the markets, but still I'm proud of my accomplishments thus far.
I said that to say that there are many stories within my firm that are similar to my own and if an aspiring trader does their research properly, there are many reputable firms out there that provide the tools that are necessary for a neophyte trader to become successful and for an experienced trader to enjoy continued success.
To all new traders, the best advice I can offer is this "self to self comparisons." I learned the hard way not to compare myself to other people. Buena suerte.
The firm I am a member of (not employed by mind you) provided me with a great introductory training program and paired me with a trader "coach" that is a million dollar a year trader. Within 5 steps of my desk I can and have had deep conversations about trading perspectives, strategies, and psychology with about 10 other traders that are million-a-year or more guys (not to mention about 20 other guys that are making 300k or more per year). Although, I've been in the business for only 12 months now, I have become profitable and I have hit the $10k+/month threshold already...although not every month quite yet but soon I'll be doubling and tripling that. I do realize that I am still a neophyte myself, and I have much more to learn from the markets, but still I'm proud of my accomplishments thus far.
I said that to say that there are many stories within my firm that are similar to my own and if an aspiring trader does their research properly, there are many reputable firms out there that provide the tools that are necessary for a neophyte trader to become successful and for an experienced trader to enjoy continued success.
To all new traders, the best advice I can offer is this "self to self comparisons." I learned the hard way not to compare myself to other people. Buena suerte.
For the most part yes. However I do have a long-term account within my firm as well, and many people use their long-term accounts in conjunction with their short-term accounts. I however do not feel comfortable using my long-term account quite yet just because the risk-to-reward ratio makes me uncomfortable. I know that when I'm right I'll make a killing, but when I'm wrong I'm going to lose a lot (versus risking a cents intraday to risking a point or more overnight). I'm not financially ready to lose a ton on an overnight gap down or gap up for that matter.
